The invention relates to a copper-zinc-nickel-cobalt-indium alloy and a preparation method thereof. The alloy comprises the following raw materials by weight percent: 43-65% of Cu, 28-45% of Zn, 1-15%of Ni, 0.3-4% of Co, 0.1-2% of In, 0.08-4% of Mn, 0.05-0.3% of Si, 0-2% of Sn, 0-2% of Ag and 0.03-0.07% of Re containing Ce and La in a weight ratio of 2:3. The preparation method comprises the following steps: smelting high melting point metals -- Ni, Co, and Cu to obtain an intermediate alloy A, smelting deoxidizing elements -- Si, Mn and Cu to obtain an intermediate alloy B, smelting oxidablemetals -- Ce, La and Cu in a vacuum furnace to obtain an intermediate alloy C, melting Cu in a medium frequency furnace, adding the intermediate alloy A in the medium frequency furnace to fully fuse,covering the obtained product with a mixture of cullet and cryolite, fully fusing, adding the intermediate alloy B, then adding metal Ag, Zn, Sn and In, adding the intermediate alloy C to perform full deoxidation and fusion, standing for 50min and performing continuous casting to form copper-zinc-nickel-cobalt-indium alloy ingots.